3 Top Meme Stocks To Watch In July 2021

While the big banks kick off earnings season this week, meme stocks could still be worth watching. After all, the supposedly ‘overhyped’ stock market trend continues to hold strong half a year after emerging. Even now, new and seasoned investors alike would be wondering “what are meme stocks?” This would be the case as meme stocks often see explosive gains, adding to their popularity among more adventurous investors. Without going too much into the details, meme stocks, as most would agree, are stocks fueled by social media hype. The most prominent source of said hype is a community page called r/WallStreetBets on Reddit. With that out of the way, could the meme stock movement be worth jumping on now?

For one thing, while institutional investors have their reservations on this end, there is some logic behind the madness. Namely, retail investors have and continue to pool their collective knowledge on the platform to make more informed investments. With the forum boasting over 10.7 million members today, you can’t deny that it is a rather large pool. Evidently, meme stocks such as Tilray (NASDAQ: TLRY) and BlackBerry (NYSE: BB) are positioned in notable industries now. On one hand, Tilray is a leading name in the global marijuana business which is riding federal legislation-based tailwinds. On the other hand, BlackBerry is currently pivoting towards the cybersecurity market where demand continues to rise.

Not to mention, there are also mentions of space travel stocks and biotech stocks among the forum’s members as well. For example, the likes of Virgin Galactic (NYSE: SPCE) and Ocugen (NASDAQ: OCGN) received additional hype from retail investors this year. Having read all of that, could one of these top meme stocks in the stock market today catch your fancy?

Best Meme Stocks To Buy [Or Sell] This Week

Clover Health Investments Corporation

To begin with, we will be taking a look at the Clover Health Investments Corporation. Clover Health mainly identifies as a “next-generation risk-bearing organization”, operating in the health care space. For the most part, the company offers senior citizens affordable health care plans in the U.S. via its role as a Medicare Advantage insurer. It does so via its software platform, the Clover Assistant. Aside from catering to the needs of the elderly, Clover Health also supports physicians and health care professionals. By providing data-driven and personalized insights, the company bolsters clinical decision-making and outcomes.

Given the rising concerns surrounding another wave of coronavirus due to the Delta variant, Clover Health’s services could be in demand. Likewise, I could see investors eyeing CLOV stock now. Given the recent decline in the company’s share price, would it be wise for investors to buy on the dip here? While that remains to be seen, Clover Health continues to expand its offerings. Just last week, CEO Vivek Garipalli mentioned plans to introduce grocery benefits to its members. Through this play, the company would be helping its clients assess more healthy food while also improving eating habits. Garipalli believes that this serves to monitor the company’s members who may need help on the dietary front. All in all, he expects there to be “significant medium- and long-term ROI (return on investment)” from this move.

On top of all that, Clover Health also announced plans to nearly double its geographic footprint back in late June. Should things go as planned, the company estimates that it could reach eligible individuals across 209 counties in nine states. Overall, it seems like Clover Health is not slowing down any time soon. Would this make CLOV stock a top buy for you right now?

meme stocks (CLOV stock)
Source: TD Ameritrade TOS

Read More

Bed Bath & Beyond Inc.

Another top meme stock company making waves now would be Bed Bath & Beyond Inc. (BBBY). In brief, the retail-store operator primarily caters to the home improvement needs of consumers. Through its chain of domestic merchandise stores, the company markets wares from its Home, Beauty, Baby, and Wellness divisions. While consumer home improvement spending trends seem to be persisting, BBBY stock could be in focus. Notably, the company’s shares are still sitting on gains of over 64% year-to-date. Could it still have room to run moving forward?

To point out, analysts appear to be more bullish on BBBY stock among its meme stock peers now. Over the past two weeks, the company’s shares received a Buy rating from both B. Riley (NASDAQ: RILY) and Bank of America (NYSE: BAC) analysts. Particularly, B. Riley highlights the company’s new management and cost-cutting strategies for the positive update. Aside from that, BBBY also reported solid figures across the board in its recent quarter fiscal posted in late June. In it, the company raked in a total revenue of $1.95 billion for the quarter, marking a 49% year-over-year increase. Moreover, the company also saw a core sales growth of 73% over the same period. CEO Mark Tritton cites the successful launch of BBBY’s Owned Brands and good execution with the company’s Digital First, Omni-Always strategy as core growth drivers.

By and large, BBBY appears to be kicking into high gear right now. Accordingly, the company appears optimistic moving forward, raising its full-year guidance outlook as well. With all of this in mind, would you consider investing in BBBY stock at its current valuation?

top meme stocks (BBBY stock)
Source: TD Ameritrade TOS

[Read More] Best Cyclical Stocks To Invest In Now? 5 Names To Know

GameStop Corporation

Following that, we have the premiere meme stock name, GameStop Corporation. You can’t deny that it would be hard to have a conversation about meme stocks without mentioning GME stock. In fact, most discussions regarding the topic often include the phrase “could this be the next GME?” to a certain extent. This would be the case given that the company’s shares are looking at massive gains of over 1,000% year-to-date. Despite all of this, could GME stock continue to gain in the long term?

Well, if anything, GameStop does not appear to be sitting idly by right now. While investors are keeping an eye on the company, GameStop continues to grow its operations. As of last week, it is currently leasing a 530,000 square foot facility in Reno, Nevada. This would serve as another significant expansion to its fulfillment network, following its leasing of a 700,000 square foot facility in Pennsylvania. According to the company, the facility will likely be operational in 2022, bolstering GameStop’s product offerings and shipping services across the west coast. Given all of this, it seems that the company continues to invest in its e-commerce operations. Ideally, this would allow GameStop to better cater towards shifting consumer trends amidst the current pandemic.

Additionally, the company also posted a total revenue of $1.277 billion in its recent quarter fiscal last month. The 25% year-over-year increase would be sizable given the reduction in the company’s global store base due to the pandemic. Regardless, GameStop remains on the path to recovery as its monthly sales figures outpace year-ago levels. For some Reddit bulls, the growth story behind GME stock continues to grow. Would you say the same?

best meme stocks (GME stock)
Source: TD Ameritrade TOS

Sign up for our FREE Newsletter and get:

  • Stock Alerts And Ideas
  • Learn to Trade Stocks & Options
  • Free Access to The Fastest Growing Highest Rated Trading Chatroom
Privacy Policy

Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | news@stockmarket.com

Notify of
Inline Feedbacks
View all comments
You May Also Like